• USD/CHF rebounds to around 0.8220 in Tuesday’s early European session. 
• The pair keeps the negative outlook below the 100-day EMA with a bearish RSI indicator. 
• The initial support emerges at 0.8150; the first upside barrier is located in the 0.8300-0.8305 zone. 

The USD/CHF pair recovers some lost ground to near 0.8220 during the early European session on Tuesday. However, the potential upside for the pair might be limited amid the concerns over the mounting US national deficit. Traders await the US Conference Board’s Consumer Confidence report, which is due later on Tuesday. Also, Durable Goods Orders and the Dallas Fed Manufacturing Index will be published.   

According to the daily chart, the bearish outlook of USD/CHF remains in play as the pair remains capped below the key 100-day Exponential Moving Average (EMA). The path of least resistance is to the downside, with the 14-day Relative Strength Index standing below the midline near 41.55. 

The first downside target for the cross emerges at 0.8150, the lower limit of the Bollinger Band. Extended losses could see a drop to 0.8067, the low of April 22. The next contention level for USD/CHF is seen at the 0.8000 psychological level. 

On the bright side, the immediate resistance level is located in the 0.8300-0.8305 zone, representing the round figure and high of May 22. Sustained trading above this level could attract some buyers to 0.8445, the upper boundary of the Bollinger Band. Further north, the next hurdle to watch is 0.8575, the 100-day EMA.

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